- Hackers hijack Dogwifhat’s X account to lure audience into pump-and-dump
- Despite this, Solana’s meme coin, Dogwifhat (WIF), gained 55% in 7 days.
- The shilling spook is over, but the estimated total damage could be in the tens of millions of dollars.
Blockchain detectives are sounding the alarm after one of the official X accounts of Solana (SOL)’s biggest meme coin was hacked. Dogwifhat (WIF) is the third largest meme asset in SOL. The dog in the hat, Solana (SOL), which currently has a market capitalization of $3.6 billion, has a wide following of 115.9K on X, formerly known as Twitter.
Shady SOL Meme The coin was pushed into the WIF corner.
The incident occurred when criminals hijacked WIF’s X account and offloaded a series of tweets related to an unknown meme coin issued by Pump.Fun. Apparently, scammers shared contract addresses for MUU, PopWifNut (POPWNUT), DogWifDoge (WIFD), and other ridiculous merges derived from popular blue chip meme coin names.
The aforementioned shady token initially surged within minutes of launch and then took a downward turn, falling more than 90%. The tweet has now been deleted, even though Dogwifhat (WIF) staff did not comment a word about the hacking incident.
Additionally, Andrew Tate’s signature meme coin popped up in one of his tweets, sparking criticism among cryptocurrency enthusiasts against X. One of the first to discover the security breach was Harpie, a Web3 security platform that warned against working with Dogwifhat (WIF). ) Malicious coin promotion was detected and X account was created.
Is Dogwifhat’s (WIF) $5 dream still achievable?
The Dogwifhat (WIF) meme coin remained unperturbed by the controversy, falling 3% in 24 hours amid a cryptocurrency market correction, as the total financial damage associated with the hack has not yet been resolved. Over the past seven days, the price of the WIF cryptocurrency has risen 55%, recovering above $4 for the first time since the strong start in April.
Currently the 35th ranked Solana meme coin, Dogwifhat (WIF), is trading at $3.64 with a gain of 68.8% over the past two weeks. However, Saturday’s 4% correction in the cryptocurrency market pushed Solana’s biggest dog cryptocurrency more than 25% away from its all-time high hit at $4.83 on March 31, 2024.
Naturally, Dogwifhat’s (WIF) $5 price target moves closer as larger investors return to expand their positions. Today, the True Strength Index (TSI) remained between 22.86 and 14.55, signaling bullish momentum, while the index of large-cap investor inflows, popularly known as Chaikin Money Flow (CMF), has been hovering above 0 since November 6, 2024. This coincides with the price of Dogwifhat (WIF) rebounding to a new three-month high of $4.29.
On the flip side
- Dogwifhat celebrated its listing on Coinbase a few days ago, opening WIF’s doors to a wider audience and significantly boosting the growth of Dogwifhat’s social accounts despite the incident.
- Social media hacking incidents are dominant in 2024, with numerous high-profile casualties in recent years, including Kyrian Mbappe, Wiz Khalifa, and the Trump family.
Why This Matters
As the influence of meme coins grows, it becomes important to distinguish between fraudulent meme coin projects and existing projects. X account takeovers were the most attempted attack by hackers in 2024, leaving the crypto community most vulnerable to this type of fraud as they react quickly.
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